HVB Bank Romania, a branch of the German financial group, reported net profit worth 141 billion ROL (3.74 million euros) in the first half of 2003, up 22% in nominal terms as compared with the year-ago period. The net result actually increased 8.4% in euros, from 3.45 million euros in the first half of 2002, up to 3.74 million euros.
Total assets were worth 12,856 billion ROL, 49% more than in the first six months last year. According to the information released by the bank, the credit portfolio totalled 6,520 billion ROL at the end of the same period. The loans granted to legal persons still hold the largest weight. Total reserves and deposits amounted to 9,316 billion ROL at the end of June.
The bank is currently managing the accounts of more than 12,000 clients, targeting mainly high-income professionals.
Return over assets (ROA), as shown by the ratio between net profit and the total assets, was 0.61%, while return over equity (ROE) amounted to 6.22%.
According to the board in Bucharest, the Romanian branch posted the fastest growth pace among all the group's subsidiaries in the area in 2002. The bank reported more than 10 million euros net profit last year, up from some 6 million euros at the end of 2001. The balance assets followed an upward trend, as well: from 300 million euros in 2001, they climbed to 555 million euros, up more than 85%.
Operating revenues were 50% derived from the treasury operations last year, while operations for legal persons accounted for 36%. The bank aims at a 25-30% increase of the main indicators in real terms this year.
HVB expects the number of clients to increase 40%-50%, up to 14,000-15,000 this year, as retail operations will expand. oana.nuta@zf.ro
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